UNION Bank of the Philippines (PSE: UBP) announced the roll out of two investment funds to leverage its acquisition of the retail banking business of Citigroup Inc. in the Philippines.
According to its head of wealth management unit, Therese Chan, UBP will be tapping the core strengths of Citi’s business.
The two wealth programs bring together “time-tested propositions and even make it better with innovative wealth management approaches” from UBP, Chan added.
The first investment fund called “Elite” offers “elevated wealth management service to customers with its top-notch propositions.”
“‘Elite’ customers are not only guided by a team of wealth management experts with proven track record and experience in investment and financial planning, they are also able to get exclusive access to more local and international investment options to match their need for diversification,” a statement by the bank read. “Curated experiences and benefits, as well as first dibs to new releases and exclusive events, also await ‘Elite’ customers.”
The UBP promises up to P1 million cash credit if one opens an “Elite” account on or before December 31, 2023.
“We have also enhanced our wealth program for the emerging affluent, keeping in mind the children of our clients who may be in the process of creating their own wealth,” Chan explained. She was referring to the second investment channel called “Access.”
The fund targets “the next generation of wealth builders.”
The UBP announced on November 20 the start of the public offer of its 1.5-year Senior Fixed Rate Series F Bonds due 2025 and 3-year Senior Fixed Rate Series G Bonds due 2026.
In a statement, the UBP said the bonds will be issued under its P50-billion bond program and each tranche will be offered with a minimum aggregate principal amount of P1 billion, with an oversubscription option. The Series F and Series G bonds have interest rates of 6.5625 percent per annum and 6.6800 percent per annum, respectively, UBP said. The public offer period for the bonds ended on November 29.